Vitalik proposes an idea that could restore ETH to the throne of cryptocurrency
Ethereum's founder Vitalik Buterin announced a radical step that could change the future of Ethereum forever, what exactly did he propose?
Replacing the EVM language (which Ethereum smart contracts operate with) with RISC-V, an open-source architecture used in advanced computing systems.
Aiming to increase network efficiency by up to 100 times, especially in ZK-EVM functionalities (zero-knowledge privacy and computing technologies).
- Expected outcome: Reducing on-chain execution costs to 1% of the current cost.
Why is this proposal considered "radical" and important?
1. Facing competition: The platforms Solana and Sui currently excel in speed, but RISC-V could bring Ethereum back into the race strongly.
2. Solving base layer issues: such as simplifying digital root calculations and implementing blocks, paving the way for billions of transactions daily.
3. Compatibility with future updates: such as Pectra scheduled for May 7, which will raise the ceiling of flexibility and performance.
What would happen if RISC-V were implemented?
- Old EVM contracts will continue to operate with interoperability with the new contracts.
- Converting current contracts to RISC-V via a custom interpreter, without the need for a complex hard fork.
- Enhancing developer confidence: just as Polkadot did with PolkaVM in 2023, but on a broader and bolder scale
Current situation of Ethereum:
1️⃣ Transaction fees have dropped to their lowest level since 2020: the average transaction cost is now only $0.16.
2️⃣ Reason for the decline: migration of users to Layer 2 solutions (such as Arbitrum and Base), which reduced the pressure on the base network.
3️⃣ The market is skeptical: The price of ETH is approaching $1650, but Vitalik believes that the technological solution is key to recovery.
#Summary
Ethereum is still the backbone of Web3, and proposals like this prove that the team is not playing a defensive role, but rather an attacking one that changes the game rules.
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Share your opinion:
Do you think Ethereum's transition to RISC-V will bring it back to the forefront? Or have competitors outpaced it? Write your comment ⬇️
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